Renting a Miami Condo – Common Fees & Deposits

Renting a condo in Miami includes a different timeline, set of fees, deposits & applications than your traditional apartment rental. When tenants rent their first condo, they are always surprised when the offer is signed & the application process begins. So what are the fees associated with renting a condo? Let’s break down each fee & deposit, explain who pays for what & determine when each deposit is returned.  Please keep in mind that you will not necessarily see all of the listed fees in each condo rental, but a combination of them.  Your rental agent can explain which fees will apply to which buildings, as they commonly change.

FEES TO THE LANDLORD
Rental Deposits – The rental deposit is your traditional security deposit. Typically, this deposit is the equivalent of one month’s rent. Some landlords require two security deposits in lieu of the last month’s rent. The security deposit acts as insurance to the landlord against damage to the unit itself. Once the lease has run its course, tenants will receive a reimbursement of this security deposit, less any costs to repair or clean the condo.

Advance Rent – The first month’s rent is always paid prior to move-in, however many landlords require the last month as well.  This amount is typically used for the last month of the lease, but could also be used in the event that the tenant becomes tardy with their payments. This protects the landlord’s bottom line in the event that an eviction takes place.

Application Fee – Application fees paid to the landlord are less common, but still exist.  Some landlords prefer to do their own background checks on prospective tenants before committing to a lease.  The landlord application fees are typically $35-$50 and are non-refundable.  The application consists of a criminal background check & credit check.

FEES TO THE CONDOMINIUM ASSOCIATION
Application Fee – Most condominium association application fees are $100 per resident.  The property management company will run a credit check, criminal background check & verify the references of potential tenants.  The application fees are non-refundable.

Move-In Fee – Most buildings in Downtown Miami have a move-in fee that is non-refundable.  This fee varies from building to building, but is typically $150-$250 per move (not per resident).  This money covers the draping of elevators, exclusive usage of an elevator during the move appointment, and many times a security guard.

Elevator Deposit – The elevator deposit is the most surprising cost for any new condo tenant.  This deposit is a separate check of $500-$1,000 (depending upon the building).  The check will remain in your file until after you are finished with the elevator.  Once your move-in is complete, the actual check is returned to you.  The check is only cashed if the elevator is ruined due to your move.

Amenity Deposit – This deposit guarantees that the tenants will not ruin the amenities & is returned after the tenants move out of the building.  Typically, this deposit is paid by the landlord since the landlord already has a security deposit from the tenants.  The amount varies by building, but is commonly the value of one month’s rent.

Pet Fee/Deposit – Most buildings do not charge pet fees or deposits, but every now and again we see one.  One Miami charges a $250 non-refundable fee per pet, and some other buildings charge a $250 refundable deposit per pet.

REALTOR/BROKER FEES
There is no cost to tenants for using a broker in Miami, as the fees are paid by the landlord.  This amount commonly is taken from the first month’s rent that is paid during the move-in process.  Since a good real estate agent can help you to find a better deal with less hassle & headache than searching on your own, it is always a good idea to keep a trusted agent close by.

If you would like more information about finding a fantastic rental deal in Downtown Miami, Brickell or Midtown Miami, email sarahelles@kw.com or call 305-741-5441.

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